This report accompanies The Century Foundation’s report “Exact Title TBD: Student Debt and Race in California,” which examines how student debt puts outsized financial burdens on Black and Latino families in California, especially for graduate borrowers and parents.
Though California lawmakers rightly draw on national research on student debt and race, state-specific insights can be gleaned from national data sets. TCF’s state-level analyses here can help guide state policy that accounts for the distinct patterns of borrowing in California.
This report draws from the best sources of Califoria-specific data on student debt to explain in depth what we know (and do not know) about student debt in California. It relies primarily on four sources:
We also draw from the Integrated Postsecondary Education Data System (IPEDS) and the American Community Survey (ACS) to lesser extents.
The structure of this data-focused report mirrors that of the policy-focused report: the charts and tables in the policy report draw from our four primary data sources in the same order that they are presented here. The first figures in both reports draw from the FSA Data Center, they are followed by figures that draw from NPSAS, and so on.
This document is more descriptive than prescriptive. Even data queries did not show striking contrasts between groups are included for full transparency, so long as they are relevant to the examination of student loan debt’s burden on California borrowers.
This report is not a static PDF: you can toggle between different versions of charts and hover over barcharts to reveal the exact statistics. The code used to produce this document and its charts and tables can be found at this GitHub repository. All data sets used in this report are publicly available, courtesy of the U.S. Department of Education, the U.S. Federal Reserve, and the U.S. Census Bureau.
If you have any questions, please email Peter Granville at granville@tcf.org.
The FSA Data Center is a repository of data and statistics on federal student aid, including spreadsheets on student loans reported directly from the National Student Loan Data System. For this analysis we use two files from the FSA Data Center:
For “per capita” measures of student debt and borrowing in Table 1, the population for comparison is the estimated total of all California adults aged 18 to 50. I estimate these population totals using American Community Survey data reflecting calendar year 2021, available here.
Table 1 below shows how California compares to other states in its federal student loan debt per capita, its number of borrowers per capita, and its average federal student loan balance. California ranks well in the firs two measures due to a smaller percentage of its population holding debt than in other states. However, California’s borrowers exceed other states’ borrowers in their average balance. Californians who hold federal student loan debt averaged roughly $37,000 in June 2022.
| Measure | 50-state median | California value | California rank |
|---|---|---|---|
| Federal student loan debt per capita | $10,568 | $8,215 | 7 |
| Federal student loan borrowers per capita | 0.298 | 0.219 | 4 |
| Average federal student loan balance | $35,249 | $37,426 | 37 |
Source: Federal Student Aid Data Center, spreadsheet on federal student loan portfolio by borrower location, available here, accessed December 2022. Data reflects the federal student loan portfolio as of June 30, 2022.
Table 2 below shows the size of California’s outstanding federal student loan debt. California has the most outstanding federal student loan debt ($142 billion) and borrowers (3.8 million) of any state, amounting to around 9 percent of the nationwide rederal student loan portfolio.
| Measure | U.S. total | California value | California share |
|---|---|---|---|
| Total outstanding federal student loan debt | $1,526,800,000,000 | $146,100,000,000 | 9.6% |
| Total federal student loan borrowers | 41,718,000 | 3,904,000 | 9.4% |
Source: Federal Student Aid Data Center, spreadsheet on federal student loan portfolio by borrower location, available here, accessed December 2022. Data reflects the federal student loan portfolio as of June 30, 2022.
These may come as no surprise given that California has the nation’s largest populace, but it also means that California’s lawmakers can do more to change the course of the nation’s student debt crisis than any other state’s leaders.
Table 3 below draws from the FSA Data Center’s quarterly data on disbursements. To minimize any impact from the COVID-19 pandemic on our results, we examine data from the 2018-19 award year.
| State | Subsidized | Unsubsidized undergraduate | Unsubsidized graduate | Parent PLUS loans | Grad PLUS |
|---|---|---|---|---|---|
| CA | 19.0% | 17.0% | 31.8% | 12.8% | 19.4% |
| Rest of U.S. | 22.0% | 23.3% | 29.6% | 14.1% | 11.0% |
Source: Federal Student Aid Data Center, spreadsheet on Direct Loan volume for Q4 2018-19, “Award year summary” tab, available here, accessed October 2022. We use the data on loan disbursements, not loan originations.
Comparing California to the rest of the U.S., we find that:
A major public policy emphasis for state lawmakers, in California as anywhere, is the affordability of undergraduate programs. One sign of California’s success in that respect is the lower degree of undergraduate borrowing compared to across the rest of the country. (Of course, even small loan balances can strain a borrower’s financial life.)
By contrast, the average Grad PLUS and Parent PLUS loans in California are higher than in the rest of the U.S., as shown in Figure 1 below.
Source: Federal Student Aid Data Center, spreadsheet on Direct Loan volume for Q4 2018-19, “Award year summary” tab, available here, accessed October 2022. We use the data on loan disbursements, not loan originations. These averages do not include students who receive no loans. Only four-year institutions are included.
Across all three institutional control categories, California exceeds the rest of the U.S. in the average Parent PLUS loan and the average Grad PLUS loan. Unlike Stafford loans, Parent PLUS and Grad PLUS are both uncapped, meaning a borrower can take out as much as they would like any year. At California nonprofit and for-profit four-years, the average Parent PLUS loan per year is north of $20,000, and the average Grad PLUS loan per year is around $30,000. In both cases, the averages are lower at public institutions.
The statistics in the previous section have all been based on institution-level data. For the most robust information on the relationship between student loan borrowing and race in California, we need student-level data. In the absence of a national student-level data set, we use survey data from the National Postsecondary Student Aid Study (NPSAS).
NPSAS is the largest federal survey of U.S. college students with a primary focus on financial aid. The study has generally been conducted every four years, most recently in 2016 (NPSAS:16), with separate data sets examining undergraduate and graduate students.
NPSAS data sets have not traditionally been used for state-level analyses, although the sample size for California students can be large enough to produce reliable estimates depending on the query. This past year, a new edition of NPSAS that was designed for state-representative samples was released. Known as NPSAS-AC (Administrative Collection), it draws from student records housed by colleges and the U.S. Department of Education for a sample of 325,000 undergraduates. Representative samples for public 4-year systems are available in NPSAS-AC for 45 states, and representative samples for public 2-year systems are available for 36 states. Thirty states have representative samples for undergraduate students overall. More information on NPSAS-AC can be found here.
In this section we rely primarily on NPSAS-AC, which reflects the 2017-18 year. For analysis of graduate students, we use NPSAS:16 and filter for in-state students in California. (The in-state condition is required for this query.)
These data are accessed using the National Center on Education Statistics’ (NCES) Datalab tool. Every query has a unique table retrieval number that can be used by any user to run the query in Datalab.
The figure below compares average undergraduate borrowing by racial group at California public four-years, compared to U.S. public four-years. Across all groups, the average federal loan total is lower in California than nationwide. However, California resembles the U.S. in that Black undergraduates and their families borrow more than their peers. California differs from the U.S. in that Latino/a undergraduates in the state borrow more than white undergraduates, though this is only the case for direct loans to the students and not Parent PLUS.
Source: NPSAS:18-AC. Table retrieval number: lounfy.
Year(s) of analysis: Reflects students enrolled in the 2017-18 academic year. Only reflects undergraduate public 4-year institutions.
Note: Insufficient sample size for Native American / Alaskan Native population. Zeros are counted in the averages, meaning it includes those who took out no loans.
Source: NPSAS:16. Table retrieval number: psiqll. Data can be accessed at NCES Datalab.
Year(s) of analysis: Reflects students enrolled in the 2015-16 academic year. Only reflects public 4-year institutions.
Notes: Private loans are also used, but the average loans are so small that Datalab considers the estimates unreliable. Due to limitations of NPSAS:16, this only applies to in-state students.
Across all groups, graduate students in California borrow more than graduate students nationwide. Black students and those of two or more races show the highest average loans, upwards of $20,000 per year. It is striking how Black graduate students in California borrow an average that is roughly two-thirds higher than both the average for Black graduate students nationwide and the average for white graduate students in California.
Among California students, the sample is not sufficient for a breakdown by award level. For context, here is a breakdown of gaps in average loans across all graduate program levels, reflecting the national sample. This demonstrates how professional doctorates show an extreme version of the trends just described. Although professional doctoral students in California constitutes a very small subsample in NPSAS, we can explore this further using the College Scorecard later on.
The averages here include those with no cumulative federal loans. *** #### {-}
NPSAS allows us to disaggregate by ethnicity, to a limited extent, for two racial groups (Hispanic and Asian). In California, average federal loans among Filipino undergraduates are higher than other Asian groups, matching a trend seen nationwide. Among Hispanic ethnicities in California, average loans are greatest among those of Puerto Rican descent.
Source: NPSAS, table retrieval number ddgpwg (U.S. all), jejvld (California in-state), tpsawz (U.S. in-state).
Note: Filtered for 4-year colleges and U.S. citizenship. Limited to in-state, undergraduate students. “Total federal loans” includes Parent PLUS. No other racial groups besides Hispanic and Asian have breakouts by ethnicity in NPSAS.
This is some information about SHED. Explain your process of variable selection: there are many but you chose the ones that seemed most relevant to the question of the financial burden of student loans. Emphasize here that the relationship between student loans and these variables may be chicken-and-egg, where we can’t say for sure what causes the other. Acknowledge the limitations of the sample size. Would it be nice to filter by institution level and control? Yes. Would it cut the sample size down very, very far? Yes. Small differences of one of two percentage points may be attributable to random noise that can raise from sampling. Remember to say that the respondents are heads of households, meaning that the population represented is that of U.S. adults. (Children are not included.) A good example of the kind of questions SHED answers that other datasets cannot: do borrowers think their education was worth it?
Here we tee up the findings.
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Survey responses collected in 2020 and 2021 are not included due to
the federal student loan payment pause in place that started in March
2020 and continued through all of 2021.
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Survey responses collected in 2020 and 2021 are not included due to the federal student loan payment pause in place that started in March 2020 and continued through all of 2021.
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Figure 11 includes all respondents, not just those who have student debt for their own education. “Figure 11: Debt for spouse’s or partner’s education” does not include survey respondents without a spouse or partner. “Figure 11: Debt for child or grandchild’s education” does not include survey respondents without children or grandchildren. *** ### {-}
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Survey years 2020 and 2021 not included in “Figure 22: Ability to pay student loan bill” due to the federal student loan repayment pause. ***
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Limited to those who have student loans. Survey years 2020 and 2021 not included. *** ### {-}
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Add a lot of caveats before this next section.
It’s weird that the “Cover expenses with savings” bars are lower than the “Cover expenses by any means” bars.
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Responses are not exclusive to each other. For an example, a respondent could say that they would sell belongings and use a payday loan. Because of this, groups’ bars cannot be stacked on top of each other in one chart and are instead presented here in a series of charts. *** ### {-}
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The gender variable, as collected and reported by SHED, only has “male” and “female” values. *** ### {-}
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Only includes those who had college experience.
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Only includes those who had college experience.
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| Institution name | Control of institution | Total outstanding Stafford loan debt | Total Stafford loan borrowers | Average outstanding Stafford debt |
|---|---|---|---|---|
| Life Chiropractic College West | Non-profit | $463,530,000 | 3,560 | $130,200 |
| Western University of Health Sciences | Non-profit | $1,465,447,000 | 12,240 | $119,700 |
| The Wright Institute | Non-profit | $149,248,000 | 1,310 | $114,300 |
| Southern California University of Health Sciences | Non-profit | $527,940,000 | 4,770 | $110,700 |
| Touro University California | Non-profit | $830,509,000 | 8,410 | $98,800 |
| Palo Alto University | Non-profit | $259,552,000 | 2,660 | $97,500 |
| Marshall B Ketchum University | Non-profit | $170,318,000 | 1,750 | $97,200 |
| Five Branches University | For-profit | $82,985,000 | 920 | $90,600 |
| Yo San University of Traditional Chinese Medicine | Non-profit | $57,925,000 | 690 | $83,800 |
| Fielding Graduate University | Non-profit | $317,320,000 | 3,870 | $81,900 |
| Alliant International University-San Diego | For-profit | $1,208,153,000 | 14,800 | $81,600 |
| University of California-San Francisco | Public | $471,915,000 | 6,720 | $70,200 |
| Loma Linda University | Non-profit | $1,135,047,000 | 16,360 | $69,400 |
| Sofia University | For-profit | $89,498,000 | 1,330 | $67,500 |
| John F. Kennedy University | Non-profit | $405,147,000 | 6,010 | $67,400 |
| Pacifica Graduate Institute | For-profit | $205,005,000 | 3,060 | $67,000 |
| California Institute of Integral Studies | Non-profit | $367,350,000 | 5,590 | $65,700 |
| Emperor’s College of Traditional Oriental Medicine | For-profit | $62,447,000 | 970 | $64,300 |
| California Western School of Law | Non-profit | $351,054,000 | 5,490 | $63,900 |
| Saybrook University | Non-profit | $155,795,000 | 2,460 | $63,300 |
| Pacific College of Health and Science | For-profit | $380,438,000 | 6,140 | $61,900 |
| Claremont Graduate University | Non-profit | $377,122,000 | 6,160 | $61,200 |
| Thomas Jefferson School of Law | Non-profit | $319,679,000 | 5,350 | $59,700 |
| The Chicago School of Professional Psychology at Los Angeles | Non-profit | $1,413,054,000 | 23,910 | $59,100 |
| San Joaquin College of Law | Non-profit | $68,170,000 | 1,200 | $57,000 |
| Fuller Theological Seminary | Non-profit | $304,041,000 | 5,360 | $56,700 |
| Southwestern Law School | Non-profit | $338,985,000 | 6,040 | $56,100 |
| American Film Institute Conservatory | Non-profit | $71,632,000 | 1,290 | $55,700 |
| Samuel Merritt University | Non-profit | $411,515,000 | 7,650 | $53,800 |
| South Baylo University | Non-profit | $61,510,000 | 1,150 | $53,300 |
| Pacific School of Religion | Non-profit | $33,728,000 | 660 | $51,300 |
| Claremont School of Theology | Non-profit | $41,610,000 | 840 | $49,500 |
| University of California-Hastings College of Law | Public | $247,993,000 | 5,050 | $49,100 |
| Southern California Institute of Architecture | Non-profit | $73,517,000 | 1,520 | $48,500 |
| Golden Gate University-San Francisco | Non-profit | $445,812,000 | 9,770 | $45,600 |
| University of Southern California | Non-profit | $4,153,059,000 | 91,130 | $45,600 |
| Pacific Oaks College | Non-profit | $279,540,000 | 6,140 | $45,600 |
| University of St. Augustine for Health Sciences | For-profit | $412,448,000 | 9,140 | $45,100 |
| University of the Pacific | Non-profit | $1,013,043,000 | 22,480 | $45,100 |
| Keck Graduate Institute | Non-profit | $50,782,000 | 1,150 | $44,000 |
| The Santa Barbara and Ventura Colleges of Law at Ventura | Non-profit | $23,362,000 | 530 | $43,700 |
| Newschool of Architecture and Design | For-profit | $83,410,000 | 2,060 | $40,500 |
| Pepperdine University | Non-profit | $1,147,364,000 | 28,360 | $40,500 |
| University of West Los Angeles | For-profit | $60,243,000 | 1,530 | $39,500 |
| Charles R Drew University of Medicine and Science | Non-profit | $132,003,000 | 3,510 | $37,600 |
| University of La Verne | Non-profit | $1,166,422,000 | 31,700 | $36,800 |
| American Jewish University | Non-profit | $23,910,000 | 660 | $36,400 |
| Humphreys University-Stockton and Modesto Campuses | Non-profit | $182,055,000 | 5,020 | $36,300 |
| California Institute of the Arts | Non-profit | $203,315,000 | 5,650 | $36,000 |
| Notre Dame de Namur University | Non-profit | $205,288,000 | 5,950 | $34,500 |
| Art Center College of Design | Non-profit | $186,835,000 | 5,730 | $32,600 |
| Azusa Pacific University | Non-profit | $1,293,070,000 | 40,440 | $32,000 |
| Holy Names University | Non-profit | $154,485,000 | 4,950 | $31,200 |
| National University | Non-profit | $2,601,824,000 | 83,380 | $31,200 |
| Brandman University | Non-profit | $780,452,000 | 25,160 | $31,000 |
| San Francisco Conservatory of Music | Non-profit | $39,854,000 | 1,300 | $30,700 |
| Whittier College | Non-profit | $303,707,000 | 9,890 | $30,700 |
| California Baptist University | Non-profit | $1,004,644,000 | 32,730 | $30,700 |
| Loyola Marymount University | Non-profit | $771,231,000 | 25,180 | $30,600 |
| Woodbury University | Non-profit | $174,003,000 | 5,750 | $30,300 |
| University of San Francisco | Non-profit | $919,186,000 | 30,690 | $30,000 |
| San Francisco Art Institute | Non-profit | $88,233,000 | 2,950 | $29,900 |
| Academy of Art University | For-profit | $1,428,742,000 | 48,010 | $29,800 |
| Chapman University | Non-profit | $992,096,000 | 33,560 | $29,600 |
| University of San Diego | Non-profit | $678,870,000 | 23,170 | $29,300 |
| California College of the Arts | Non-profit | $155,492,000 | 5,430 | $28,600 |
| Mills College | Non-profit | $175,686,000 | 6,380 | $27,600 |
| Touro University Worldwide | Non-profit | $100,452,000 | 3,650 | $27,500 |
| Santa Clara University | Non-profit | $371,665,000 | 13,510 | $27,500 |
| Northcentral University | Non-profit | $1,060,572,000 | 38,650 | $27,400 |
| University of Redlands | Non-profit | $537,993,000 | 19,680 | $27,300 |
| Dominican University of California | Non-profit | $178,589,000 | 6,570 | $27,200 |
| Design Institute of San Diego | For-profit | $31,830,000 | 1,180 | $27,100 |
| Point Loma Nazarene University | Non-profit | $367,303,000 | 13,580 | $27,100 |
| American University of Health Sciences | For-profit | $31,615,000 | 1,180 | $26,900 |
| Mount Saint Mary’s University | Non-profit | $372,344,000 | 13,970 | $26,700 |
| South Coast College | For-profit | $62,386,000 | 2,390 | $26,100 |
| California Lutheran University | Non-profit | $326,493,000 | 12,610 | $25,900 |
| SAE Expression College | For-profit | $75,153,000 | 2,930 | $25,600 |
| Saint Mary’s College of California | Non-profit | $312,148,000 | 12,240 | $25,500 |
| Fresno Pacific University | Non-profit | $385,775,000 | 15,160 | $25,400 |
| Hope International University | Non-profit | $149,024,000 | 5,860 | $25,400 |
| United States University | For-profit | $45,205,000 | 1,830 | $24,700 |
| Stanford University | Non-profit | $230,561,000 | 9,440 | $24,400 |
| Concordia University-Irvine | Non-profit | $353,980,000 | 14,520 | $24,400 |
| West Coast University-Los Angeles | For-profit | $790,941,000 | 32,500 | $24,300 |
| University of California-Los Angeles | Public | $1,881,849,000 | 77,490 | $24,300 |
| La Sierra University | Non-profit | $230,739,000 | 9,750 | $23,700 |
| Biola University | Non-profit | $337,316,000 | 14,300 | $23,600 |
| California State University-San Bernardino | Public | $1,175,920,000 | 49,960 | $23,500 |
| California College San Diego | Non-profit | $163,911,000 | 7,000 | $23,400 |
| Otis College of Art and Design | Non-profit | $92,190,000 | 3,960 | $23,300 |
| Epic Bible College | Non-profit | $18,449,000 | 800 | $22,900 |
| Ashford University | For-profit | $7,290,839,000 | 335,960 | $21,700 |
| Laguna College of Art and Design | Non-profit | $37,397,000 | 1,740 | $21,400 |
| New York Film Academy | For-profit | $59,199,000 | 2,780 | $21,300 |
| Vanguard University of Southern California | Non-profit | $192,866,000 | 9,260 | $20,800 |
| Cogswell University of Silicon Valley | For-profit | $36,808,000 | 1,770 | $20,800 |
| Simpson University | Non-profit | $112,695,000 | 5,460 | $20,600 |
| San Francisco State University | Public | $1,454,911,000 | 71,430 | $20,400 |
| Institution name | Control of institution | Total outstanding Parent PLUS loan debt | Total Parent PLUS loan borrowers | Average outstanding Parent PLUS debt |
|---|---|---|---|---|
| Art Center College of Design | Non-profit | $53,590,000 | 720 | $74,400 |
| California Institute of the Arts | Non-profit | $41,449,000 | 610 | $67,700 |
| Santa Clara University | Non-profit | $82,133,000 | 1,220 | $67,100 |
| Loyola Marymount University | Non-profit | $203,642,000 | 3,130 | $65,100 |
| University of San Diego | Non-profit | $221,883,000 | 3,460 | $64,200 |
| University of Southern California | Non-profit | $379,764,000 | 6,240 | $60,800 |
| Pepperdine University | Non-profit | $131,540,000 | 2,240 | $58,700 |
| Saint Mary’s College of California | Non-profit | $98,391,000 | 1,700 | $57,900 |
| New York Film Academy | For-profit | $47,706,000 | 840 | $56,500 |
| University of the Pacific | Non-profit | $144,678,000 | 2,720 | $53,200 |
| West Coast University-Los Angeles | For-profit | $245,286,000 | 4,620 | $53,000 |
| Dominican University of California | Non-profit | $50,737,000 | 970 | $52,500 |
| University of San Francisco | Non-profit | $143,504,000 | 2,780 | $51,600 |
| Stanford University | Non-profit | $31,279,000 | 610 | $51,600 |
| Otis College of Art and Design | Non-profit | $46,878,000 | 930 | $50,500 |
| Academy of Art University | For-profit | $296,076,000 | 6,070 | $48,800 |
| Biola University | Non-profit | $105,992,000 | 2,210 | $48,000 |
| Westmont College | Non-profit | $30,654,000 | 650 | $47,200 |
| Point Loma Nazarene University | Non-profit | $72,811,000 | 1,570 | $46,500 |
| Chapman University | Non-profit | $188,988,000 | 4,200 | $45,000 |
| California Baptist University | Non-profit | $159,155,000 | 3,730 | $42,700 |
| Concordia University-Irvine | Non-profit | $40,052,000 | 950 | $42,200 |
| University of Redlands | Non-profit | $56,611,000 | 1,350 | $42,000 |
| Notre Dame de Namur University | Non-profit | $29,284,000 | 730 | $40,000 |
| FIDM-Fashion Institute of Design & Merchandising-Los Angeles | For-profit | $308,508,000 | 7,800 | $39,600 |
| Columbia College Hollywood | Non-profit | $34,603,000 | 890 | $39,000 |
| SAE Expression College | For-profit | $20,088,000 | 520 | $38,900 |
| Woodbury University | Non-profit | $40,134,000 | 1,050 | $38,400 |
| Whittier College | Non-profit | $42,411,000 | 1,120 | $38,000 |
| California Lutheran University | Non-profit | $80,701,000 | 2,150 | $37,500 |
| Menlo College | Non-profit | $19,582,000 | 520 | $37,300 |
| Musicians Institute | For-profit | $52,900,000 | 1,440 | $36,600 |
| University of California-Los Angeles | Public | $278,616,000 | 7,760 | $35,900 |
| University of California-Berkeley | Public | $195,622,000 | 5,480 | $35,700 |
| University of La Verne | Non-profit | $80,979,000 | 2,320 | $34,900 |
| California Polytechnic State University-San Luis Obispo | Public | $244,954,000 | 7,090 | $34,500 |
| Cogswell University of Silicon Valley | For-profit | $17,997,000 | 530 | $34,200 |
| Azusa Pacific University | Non-profit | $123,693,000 | 3,770 | $32,800 |
| Vanguard University of Southern California | Non-profit | $37,573,000 | 1,160 | $32,400 |
| California College of the Arts | Non-profit | $25,175,000 | 780 | $32,400 |
| University of California-Santa Cruz | Public | $184,818,000 | 5,850 | $31,600 |
| Holy Names University | Non-profit | $15,747,000 | 500 | $31,400 |
| University of California-Santa Barbara | Public | $227,754,000 | 7,330 | $31,100 |
| Marymount California University | Non-profit | $19,453,000 | 650 | $29,900 |
| San Diego State University | Public | $218,029,000 | 7,300 | $29,900 |
| University of California-Davis | Public | $194,059,000 | 6,510 | $29,800 |
| University of California-San Diego | Public | $139,333,000 | 4,820 | $28,900 |
| California State University Maritime Academy | Public | $15,874,000 | 550 | $28,900 |
| La Sierra University | Non-profit | $41,450,000 | 1,450 | $28,600 |
| Los Angeles Film School | For-profit | $84,763,000 | 2,960 | $28,600 |
| University of California-Irvine | Public | $257,729,000 | 9,150 | $28,200 |
| Pacific Union College | Non-profit | $17,328,000 | 620 | $28,100 |
| Mount Saint Mary’s University | Non-profit | $58,970,000 | 2,170 | $27,200 |
| William Jessup University | Non-profit | $13,684,000 | 510 | $26,600 |
| Sonoma State University | Public | $79,101,000 | 3,090 | $25,600 |
| California State University-Channel Islands | Public | $40,159,000 | 1,590 | $25,300 |
| San Francisco State University | Public | $184,370,000 | 7,410 | $24,900 |
| University of California-Merced | Public | $52,433,000 | 2,150 | $24,400 |
| University of California-Riverside | Public | $169,814,000 | 7,070 | $24,000 |
| California State University-Fullerton | Public | $38,985,000 | 1,740 | $22,400 |
| Humboldt State University | Public | $26,413,000 | 1,200 | $22,000 |
| California State University-San Marcos | Public | $22,995,000 | 1,060 | $21,800 |
| California State University-East Bay | Public | $35,018,000 | 1,610 | $21,800 |
| San Jose State University | Public | $97,666,000 | 4,490 | $21,800 |
| California State University-Chico | Public | $34,291,000 | 1,610 | $21,300 |
| California State Polytechnic University-Pomona | Public | $31,240,000 | 1,490 | $21,000 |
| California State University-Sacramento | Public | $105,493,000 | 5,170 | $20,400 |
| California State University-Long Beach | Public | $27,057,000 | 1,390 | $19,400 |
| California State University-Fresno | Public | $14,199,000 | 730 | $19,400 |
| California State University-Monterey Bay | Public | $19,784,000 | 1,070 | $18,500 |
| Fresno Pacific University | Non-profit | $10,648,000 | 580 | $18,500 |
| Santa Barbara City College | Public | $10,572,000 | 580 | $18,200 |
| California State University-San Bernardino | Public | $29,975,000 | 1,760 | $17,100 |
| Make-up Designory | For-profit | $15,843,000 | 940 | $16,900 |
| Stanbridge University | For-profit | $9,707,000 | 580 | $16,700 |
| California State University-Northridge | Public | $18,332,000 | 1,130 | $16,200 |
| California State University-Stanislaus | Public | $13,587,000 | 930 | $14,600 |
| West Coast Ultrasound Institute | For-profit | $9,333,000 | 670 | $13,900 |
| Unitek College | For-profit | $18,834,000 | 1,400 | $13,500 |
| Gurnick Academy of Medical Arts | For-profit | $9,979,000 | 740 | $13,500 |
| Ashford University | For-profit | $16,160,000 | 1,220 | $13,200 |
| Spartan College of Aeronautics & Technology | For-profit | $8,735,000 | 670 | $13,000 |
| California State University-Dominguez Hills | Public | $7,780,000 | 600 | $12,900 |
| American Career College-Ontario | For-profit | $15,631,000 | 1,400 | $11,100 |
| University of Antelope Valley | For-profit | $7,240,000 | 680 | $10,700 |
| Platt College-Los Angeles | For-profit | $12,956,000 | 1,250 | $10,300 |
| Concorde Career College-Garden Grove | For-profit | $8,452,000 | 820 | $10,300 |
| Concorde Career College-North Hollywood | For-profit | $9,769,000 | 980 | $10,000 |
| American Career College-Los Angeles | For-profit | $30,709,000 | 3,220 | $9,500 |
| Glendale Career College | For-profit | $6,240,000 | 670 | $9,300 |
| Concorde Career College-San Diego | For-profit | $6,102,000 | 670 | $9,100 |
| San Joaquin Valley College-Visalia | For-profit | $58,630,000 | 6,470 | $9,100 |
| Career Care Institute | For-profit | $4,574,000 | 520 | $8,900 |
| Concorde Career College-San Bernardino | For-profit | $8,042,000 | 910 | $8,900 |
| Carrington College-Sacramento | For-profit | $25,291,000 | 2,870 | $8,800 |
| Summit College | For-profit | $7,711,000 | 1,010 | $7,700 |
| UEI College-Fresno | For-profit | $9,019,000 | 1,190 | $7,600 |
| North-West College-Pomona | For-profit | $8,193,000 | 1,100 | $7,400 |
| UEI College-Gardena | For-profit | $10,958,000 | 1,490 | $7,400 |
| Institute of Technology | For-profit | $8,304,000 | 1,190 | $7,000 |
| Institution name | Control of institution | Total outstanding Grad PLUS loan debt | Total Grad PLUS loan borrowers | Average outstanding Grad PLUS debt |
|---|---|---|---|---|
| Southwestern Law School | Non-profit | $466,086,000 | 3,520 | $132,500 |
| Palo Alto University | Non-profit | $188,296,000 | 1,420 | $132,400 |
| Thomas Jefferson School of Law | Non-profit | $386,041,000 | 2,940 | $131,500 |
| Whittier College | Non-profit | $192,420,000 | 1,540 | $125,400 |
| American Film Institute Conservatory | Non-profit | $78,440,000 | 680 | $115,700 |
| University of the Pacific | Non-profit | $722,725,000 | 6,440 | $112,300 |
| Five Branches University | For-profit | $58,339,000 | 530 | $110,700 |
| Saybrook University | Non-profit | $152,165,000 | 1,380 | $110,200 |
| Touro University California | Non-profit | $647,324,000 | 5,880 | $110,200 |
| Western University of Health Sciences | Non-profit | $912,829,000 | 8,440 | $108,100 |
| California Western School of Law | Non-profit | $317,943,000 | 3,010 | $105,700 |
| Sofia University | For-profit | $52,479,000 | 520 | $101,300 |
| Golden Gate University-San Francisco | Non-profit | $207,740,000 | 2,220 | $93,800 |
| Keck Graduate Institute | Non-profit | $76,608,000 | 840 | $91,400 |
| The Chicago School of Professional Psychology at Los Angeles | Non-profit | $811,043,000 | 8,890 | $91,200 |
| Santa Clara University | Non-profit | $246,523,000 | 2,720 | $90,800 |
| Claremont Graduate University | Non-profit | $229,647,000 | 2,600 | $88,400 |
| Samuel Merritt University | Non-profit | $245,456,000 | 2,780 | $88,100 |
| Loma Linda University | Non-profit | $528,678,000 | 6,180 | $85,600 |
| University of California-Hastings College of Law | Public | $223,922,000 | 2,670 | $83,800 |
| Pacifica Graduate Institute | For-profit | $148,600,000 | 1,770 | $83,800 |
| Loyola Marymount University | Non-profit | $447,255,000 | 5,450 | $82,100 |
| Chapman University | Non-profit | $408,464,000 | 5,080 | $80,300 |
| California Institute of Integral Studies | Non-profit | $192,777,000 | 2,410 | $80,100 |
| University of Southern California | Non-profit | $2,829,189,000 | 35,830 | $79,000 |
| Alliant International University-San Diego | For-profit | $396,053,000 | 5,040 | $78,500 |
| The Wright Institute | Non-profit | $55,801,000 | 740 | $75,600 |
| Fielding Graduate University | Non-profit | $81,590,000 | 1,130 | $72,000 |
| John F. Kennedy University | Non-profit | $95,757,000 | 1,380 | $69,100 |
| University of St. Augustine for Health Sciences | For-profit | $401,398,000 | 5,810 | $69,000 |
| New York Film Academy | For-profit | $34,630,000 | 510 | $67,800 |
| Marshall B Ketchum University | Non-profit | $49,058,000 | 730 | $67,200 |
| Pepperdine University | Non-profit | $623,055,000 | 9,350 | $66,600 |
| West Coast University-Los Angeles | For-profit | $67,178,000 | 1,050 | $64,100 |
| University of San Francisco | Non-profit | $398,078,000 | 6,350 | $62,700 |
| California Institute of the Arts | Non-profit | $61,305,000 | 1,000 | $61,200 |
| University of San Diego | Non-profit | $356,275,000 | 5,840 | $61,000 |
| University of California-Berkeley | Public | $321,216,000 | 5,260 | $61,000 |
| University of La Verne | Non-profit | $122,504,000 | 2,180 | $56,100 |
| Life Chiropractic College West | Non-profit | $65,701,000 | 1,200 | $55,000 |
| Stanford University | Non-profit | $119,632,000 | 2,190 | $54,700 |
| Mount Saint Mary’s University | Non-profit | $42,389,000 | 780 | $54,200 |
| University of California-Los Angeles | Public | $519,517,000 | 9,680 | $53,700 |
| Charles R Drew University of Medicine and Science | Non-profit | $82,399,000 | 1,630 | $50,500 |
| University of California-Irvine | Public | $159,556,000 | 3,220 | $49,600 |
| University of California-San Francisco | Public | $134,746,000 | 2,730 | $49,300 |
| Pacific College of Health and Science | For-profit | $53,568,000 | 1,100 | $48,600 |
| California College of the Arts | Non-profit | $37,551,000 | 840 | $44,900 |
| Dominican University of California | Non-profit | $22,939,000 | 520 | $44,500 |
| University of California-Davis | Public | $170,363,000 | 3,850 | $44,200 |
| Academy of Art University | For-profit | $225,305,000 | 5,130 | $43,900 |
| Southern California University of Health Sciences | Non-profit | $54,429,000 | 1,310 | $41,400 |
| Fuller Theological Seminary | Non-profit | $37,919,000 | 950 | $40,000 |
| University of California-Santa Barbara | Public | $30,178,000 | 830 | $36,500 |
| Mills College | Non-profit | $32,719,000 | 920 | $35,400 |
| University of California-San Diego | Public | $68,236,000 | 1,990 | $34,200 |
| Saint Mary’s College of California | Non-profit | $32,742,000 | 990 | $33,100 |
| California Baptist University | Non-profit | $69,832,000 | 2,130 | $32,800 |
| Azusa Pacific University | Non-profit | $243,019,000 | 7,500 | $32,400 |
| California Lutheran University | Non-profit | $16,958,000 | 570 | $29,900 |
| Pacific Oaks College | Non-profit | $14,060,000 | 500 | $27,800 |
| University of California-Riverside | Public | $50,625,000 | 1,830 | $27,600 |
| Northcentral University | Non-profit | $227,499,000 | 8,460 | $26,900 |
| Brandman University | Non-profit | $107,302,000 | 4,050 | $26,500 |
| University of Redlands | Non-profit | $26,865,000 | 1,030 | $26,000 |
| Ashford University | For-profit | $36,036,000 | 1,710 | $21,100 |
| California State University-San Marcos | Public | $17,114,000 | 930 | $18,500 |
| California State University-Northridge | Public | $18,034,000 | 1,010 | $17,900 |
| San Diego State University | Public | $31,383,000 | 1,800 | $17,400 |
| California State University-Long Beach | Public | $10,096,000 | 610 | $16,400 |
| San Francisco State University | Public | $26,683,000 | 1,890 | $14,100 |
| San Jose State University | Public | $26,497,000 | 2,100 | $12,600 |
| National University | Non-profit | $130,947,000 | 10,970 | $11,900 |
| Institution name | Control of institution | Total outstanding debt |
|---|---|---|
| University of Southern California | Non-profit | $7,362,011,000 |
| Ashford University | For-profit | $7,343,035,000 |
| National University | Non-profit | $2,740,725,000 |
| University of California-Los Angeles | Public | $2,679,982,000 |
| Academy of Art University | For-profit | $1,950,123,000 |
| Pepperdine University | Non-profit | $1,901,959,000 |
| University of the Pacific | Non-profit | $1,880,446,000 |
| California State University-Northridge | Public | $1,703,645,000 |
| Loma Linda University | Non-profit | $1,680,780,000 |
| San Diego State University | Public | $1,678,789,000 |
| San Francisco State University | Public | $1,665,963,000 |
| Azusa Pacific University | Non-profit | $1,659,782,000 |
| University of California-Berkeley | Public | $1,610,725,000 |
| Alliant International University-San Diego | For-profit | $1,605,193,000 |
| Chapman University | Non-profit | $1,589,548,000 |
| University of California-Davis | Public | $1,534,082,000 |
| University of California-Irvine | Public | $1,505,062,000 |
| University of San Francisco | Non-profit | $1,460,768,000 |
| California State University-Sacramento | Public | $1,439,264,000 |
| Loyola Marymount University | Non-profit | $1,422,127,000 |
| California State University-Long Beach | Public | $1,413,343,000 |
| University of La Verne | Non-profit | $1,369,905,000 |
| California State University-Fullerton | Public | $1,262,686,000 |
| University of San Diego | Non-profit | $1,257,027,000 |
| California Baptist University | Non-profit | $1,233,632,000 |
| California State University-San Bernardino | Public | $1,211,396,000 |
| University of California-Riverside | Public | $1,178,156,000 |
| University of California-San Diego | Public | $1,129,847,000 |
| San Jose State University | Public | $1,112,765,000 |
| University of California-Santa Barbara | Public | $1,040,125,000 |
| California State University-Los Angeles | Public | $944,089,000 |
| California State University-Fresno | Public | $903,141,000 |
| Brandman University | Non-profit | $889,725,000 |
| University of California-Santa Cruz | Public | $824,556,000 |
| California State Polytechnic University-Pomona | Public | $791,568,000 |
| California State University-Dominguez Hills | Public | $788,559,000 |
| California State University-East Bay | Public | $737,210,000 |
| California State University-Chico | Public | $734,119,000 |
| Santa Clara University | Non-profit | $700,320,000 |
| California Polytechnic State University-San Luis Obispo | Public | $697,132,000 |
| Samuel Merritt University | Non-profit | $666,251,000 |
| University of Redlands | Non-profit | $621,470,000 |
| Southern California University of Health Sciences | Non-profit | $582,606,000 |
| FIDM-Fashion Institute of Design & Merchandising-Los Angeles | For-profit | $558,480,000 |
| California State University-San Marcos | Public | $557,321,000 |
| Whittier College | Non-profit | $538,538,000 |
| Humboldt State University | Public | $502,392,000 |
| John F. Kennedy University | Non-profit | $501,504,000 |
| Mount Saint Mary’s University | Non-profit | $473,703,000 |
| Sonoma State University | Public | $461,694,000 |
| California State University-Bakersfield | Public | $457,630,000 |
| Biola University | Non-profit | $451,712,000 |
| Palo Alto University | Non-profit | $448,438,000 |
| Point Loma Nazarene University | Non-profit | $443,415,000 |
| Saint Mary’s College of California | Non-profit | $443,280,000 |
| California Lutheran University | Non-profit | $424,152,000 |
| California State University-Stanislaus | Public | $418,313,000 |
| Concordia University-Irvine | Non-profit | $402,230,000 |
| Fresno Pacific University | Non-profit | $401,028,000 |
| Stanford University | Non-profit | $381,473,000 |
| California Institute of the Arts | Non-profit | $306,070,000 |
| La Sierra University | Non-profit | $286,591,000 |
| California State University-Monterey Bay | Public | $284,417,000 |
| Art Center College of Design | Non-profit | $267,319,000 |
| Dominican University of California | Non-profit | $252,265,000 |
| California State University-Channel Islands | Public | $248,845,000 |
| University of California-Merced | Public | $244,659,000 |
| Notre Dame de Namur University | Non-profit | $238,658,000 |
| Vanguard University of Southern California | Non-profit | $232,167,000 |
| Mills College | Non-profit | $221,747,000 |
| Woodbury University | Non-profit | $221,604,000 |
| California College of the Arts | Non-profit | $218,218,000 |
| Charles R Drew University of Medicine and Science | Non-profit | $217,138,000 |
| Trident University International | For-profit | $209,470,000 |
| Humphreys University-Stockton and Modesto Campuses | Non-profit | $187,905,000 |
| Holy Names University | Non-profit | $175,883,000 |
| Otis College of Art and Design | Non-profit | $147,248,000 |
| New York Film Academy | For-profit | $141,536,000 |
| Stanbridge University | For-profit | $131,041,000 |
| Keck Graduate Institute | Non-profit | $128,299,000 |
| Southern California Institute of Architecture | Non-profit | $127,419,000 |
| Simpson University | Non-profit | $125,318,000 |
| San Francisco Art Institute | Non-profit | $124,524,000 |
| Newschool of Architecture and Design | For-profit | $117,801,000 |
| William Jessup University | Non-profit | $101,497,000 |
| Occidental College | Non-profit | $83,199,000 |
| Marymount California University | Non-profit | $69,483,000 |
| Laguna College of Art and Design | Non-profit | $65,419,000 |
| San Francisco Conservatory of Music | Non-profit | $61,203,000 |
| Los Angeles Pacific University | Non-profit | $58,394,000 |
| Empire College | For-profit | $54,682,000 |
| American University of Health Sciences | For-profit | $40,486,000 |
| American Jewish University | Non-profit | $31,758,000 |
| Westcliff University | For-profit | $19,853,000 |
| John Paul the Great Catholic University | Non-profit | $18,246,000 |
| University of the West | Non-profit | $9,142,000 |
| Academy of Chinese Culture and Health Sciences | Non-profit | NA |
| Avalon School of Cosmetology-Alameda | For-profit | NA |
| College of Alameda | Public | NA |
| Allan Hancock College | Public | NA |
Only 73 institutions have at least 500 borrowers with outstanding Grad PLUS debt. *** ### {-}
| Institution name | State | Estimated students from California enrolled online | Estimated outstanding debt from California students enrolled online |
|---|---|---|---|
| University of Phoenix-Arizona | AZ | 7,690 | $3,033,074,000 |
| Grand Canyon University | AZ | 18,310 | $1,890,235,000 |
| DeVry University-Illinois | IL | 1,800 | $864,964,000 |
| Walden University | MN | 3,200 | $795,580,000 |
| University of Maryland Global Campus | MD | 10,110 | $540,717,000 |
| Capella University | MN | 1,710 | $370,081,000 |
| Arizona State University Campus Immersion | AZ | 4,430 | $289,438,000 |
| Southern New Hampshire University | NH | 5,800 | $283,713,000 |
| Western Governors University | UT | 7,660 | $252,840,000 |
| Liberty University | VA | 1,620 | $174,306,000 |
| American Public University System | WV | 4,230 | $173,197,000 |
| Purdue University Global | IN | 580 | $147,685,000 |
| Northern Arizona University | AZ | 1,200 | $87,545,000 |
| American InterContinental University | AZ | 210 | $87,148,000 |
| Full Sail University | FL | 500 | $80,491,000 |
| South University-Savannah | GA | 280 | $71,531,000 |
| Johns Hopkins University | MD | 1,130 | $67,791,000 |
| Embry-Riddle Aeronautical University-Daytona Beach | FL | 1,320 | $65,624,000 |
| Colorado Technical University-Colorado Springs | CO | 360 | $63,223,000 |
| Columbia Southern University | AL | 1,350 | $58,300,000 |
| George Washington University | DC | 470 | $55,440,000 |
| Gonzaga University | WA | 500 | $54,062,000 |
| Stevens-Henager College | UT | 470 | $52,717,000 |
| Concordia University-Portland | OR | 340 | $52,316,000 |
| Ultimate Medical Academy | FL | 630 | $50,333,000 |
| Post University | CT | 520 | $49,028,000 |
| Regis University | CO | 300 | $47,738,000 |
| Bellevue University | NE | 480 | $47,277,000 |
| University of Arizona | AZ | 670 | $46,760,000 |
| Oregon State University | OR | 870 | $45,406,000 |
| Strayer University-District of Columbia | DC | 220 | $44,716,000 |
| Nova Southeastern University | FL | 80 | $43,456,000 |
| Logan University | MO | 70 | $43,064,000 |
| Boise State University | ID | 800 | $38,532,000 |
| Columbia College | MO | 330 | $37,310,000 |
| New York University | NY | 240 | $34,344,000 |
| Brigham Young University-Idaho | ID | 2,510 | $32,406,000 |
| Boston University | MA | 340 | $32,213,000 |
| Georgetown University | DC | 200 | $30,909,000 |
| University of Denver | CO | 170 | $30,328,000 |
| Creighton University | NE | 120 | $26,281,000 |
| Prescott College | AZ | 120 | $25,092,000 |
| Ottawa University-Ottawa | KS | 140 | $24,341,000 |
| Northeastern University | MA | 390 | $21,666,000 |
| Regent University | VA | 140 | $20,462,000 |
| Harvard University | MA | 550 | $20,439,000 |
| Washington State University | WA | 320 | $20,352,000 |
| Excelsior College | NY | 2,200 | $17,914,000 |
| Simmons University | MA | 100 | $16,890,000 |
| Colorado Christian University | CO | 260 | $16,523,000 |
| Bryan University | AZ | 100 | $15,542,000 |
| Syracuse University | NY | 170 | $15,223,000 |
| Colorado State University-Fort Collins | CO | 250 | $14,988,000 |
| Portland State University | OR | 160 | $13,921,000 |
| Park University | MO | 260 | $13,841,000 |
| Charter College | WA | 110 | $13,796,000 |
| Wilmington University | DE | 170 | $13,532,000 |
| Pennsylvania State University-Main Campus | PA | 190 | $13,500,000 |
| Berklee College of Music | MA | 170 | $13,092,000 |
| DePaul University | IL | 80 | $12,607,000 |
| Grambling State University | LA | 40 | $12,543,000 |
| Tulane University of Louisiana | LA | 80 | $11,616,000 |
| Webster University | MO | 40 | $10,525,000 |
| University of Illinois Urbana-Champaign | IL | 210 | $9,995,000 |
| Columbia University in the City of New York | NY | 90 | $9,665,000 |
| Grantham University | KS | 180 | $9,561,000 |
| University of Nevada-Reno | NV | 230 | $9,493,000 |
| Maryville University of Saint Louis | MO | 100 | $9,339,000 |
| The University of Alabama | AL | 140 | $9,253,000 |
| University of New England | ME | 50 | $9,244,000 |
| Southern Oregon University | OR | 120 | $9,115,000 |
| University of Hawaii at Manoa | HI | 140 | $8,819,000 |
| MCPHS University | MA | 50 | $8,801,000 |
| Waldorf University | IA | 220 | $8,532,000 |
| NUC University | PR | 110 | $8,379,000 |
| Loyola University New Orleans | LA | 40 | $8,355,000 |
| Franklin University | OH | 40 | $8,142,000 |
| Fordham University | NY | 60 | $7,814,000 |
| National Paralegal College | AZ | 100 | $7,645,000 |
| Hawaii Pacific University | HI | 80 | $7,540,000 |
| Rasmussen University-Minnesota | MN | 60 | $7,354,000 |
| Southern Methodist University | TX | 80 | $7,183,000 |
| American University | DC | 50 | $7,083,000 |
| University of Colorado Boulder | CO | 150 | $7,066,000 |
| Keiser University-Ft Lauderdale | FL | 40 | $7,060,000 |
| George Fox University | OR | 60 | $6,933,000 |
| Jackson State University | MS | 30 | $6,874,000 |
| Northwestern University | IL | 80 | $6,708,000 |
| Loyola University Chicago | IL | 50 | $6,692,000 |
| Bryant & Stratton College-Buffalo | NY | 30 | $6,513,000 |
| University of Utah | UT | 120 | $6,466,000 |
| Concordia University-Chicago | IL | 80 | $6,244,000 |
| National American University-Rapid City | SD | 20 | $6,146,000 |
| University of Nevada-Las Vegas | NV | 90 | $6,098,000 |
| LeTourneau University | TX | 50 | $6,082,000 |
| Graceland University-Lamoni | IA | 50 | $6,062,000 |
| Upper Iowa University | IA | 50 | $5,974,000 |
| Duke University | NC | 80 | $5,972,000 |
| Purdue University-Main Campus | IN | 160 | $5,948,000 |
| Indiana University-Bloomington | IN | 100 | $5,892,000 |
Estimated enrollment is based on 2018 data. Estimated debt is based on data as of 2022. *** ### {-}
| Segment | Outstanding Stafford debt | Outstanding Parent PLUS debt | Outstanding Grad PLUS debt | Total debt |
|---|---|---|---|---|
| California Community Colleges | $4,165,851,000 | $38,537,000 | $0 | $4,204,388,000 |
| California State University | $18,561,803,000 | $1,316,346,000 | $191,927,000 | $20,070,076,000 |
| University of California | $9,436,226,000 | $1,700,179,000 | $1,689,365,000 | $12,825,770,000 |
| All segments | $32,163,879,000 | $3,055,061,000 | $1,881,292,000 | $37,100,233,000 |
| Sector | Outstanding Stafford debt | Outstanding Parent PLUS debt | Outstanding Grad PLUS debt | Total debt |
|---|---|---|---|---|
| For-profit | $20,629,814,000 | $1,621,262,000 | $1,546,676,000 | $23,797,752,000 |
| Non-profit | $36,862,451,000 | $3,253,504,000 | $13,778,933,000 | $53,894,889,000 |
| Public | $32,217,284,000 | $3,055,304,000 | $1,881,292,000 | $37,153,880,000 |
| All sectors | $89,709,549,000 | $7,930,071,000 | $17,206,902,000 | $114,846,521,000 |